Cirrus Logic Inc. (CRUS) PT Raised to $65.00 at Canaccord Genuity
Cirrus Logic Inc. (NASDAQ:CRUS) had its price objective increased by investment analysts at Canaccord Genuity from $56.00 to $65.00 in a research report issued to clients and investors on Tuesday. The brokerage currently has a “buy” rating on the stock. Canaccord Genuity’s price objective would indicate a potential upside of 16.30% from the stock’s previous close.
Several other research analysts have also issued reports on the company. Stifel Nicolaus upped their target price on Cirrus Logic from $55.00 to $58.00 and gave the company a “buy” rating in a research report on Thursday, September 8th. Pacific Crest reaffirmed an “equal weight” rating on shares of Cirrus Logic in a research report on Monday, August 29th. Needham & Company LLC reaffirmed a “buy” rating and set a $55.00 target price on shares of Cirrus Logic in a research report on Thursday, August 4th. Zacks Investment Research raised Cirrus Logic from a “hold” rating to a “strong-buy” rating and set a $56.00 target price on the stock in a research report on Monday, August 1st. Finally, Barclays PLC upped their target price on Cirrus Logic from $35.00 to $38.00 and gave the company an “equal weight” rating in a research report on Thursday, July 28th. Two analysts have rated the stock with a hold rating, nine have assigned a buy rating and one has issued a strong buy rating to the company. Cirrus Logic presently has a consensus rating of “Buy” and an average price target of $48.64.
Cirrus Logic (NASDAQ:CRUS) opened at 55.89 on Tuesday. Cirrus Logic has a 52-week low of $25.09 and a 52-week high of $58.08. The stock has a market capitalization of $3.49 billion, a PE ratio of 34.69 and a beta of 0.44. The stock’s 50 day moving average price is $51.62 and its 200-day moving average price is $40.55.
Cirrus Logic (NASDAQ:CRUS) last announced its earnings results on Wednesday, July 27th. The company reported $0.44 earnings per share (EPS) for the quarter, beating the Thomson Reuters’ consensus estimate of $0.28 by $0.16. Cirrus Logic had a return on equity of 14.44% and a net margin of 9.26%. The company had revenue of $259.40 million for the quarter, compared to analyst estimates of $236.67 million. During the same period in the prior year, the company posted $0.54 EPS. The firm’s quarterly revenue was down 8.2% compared to the same quarter last year. On average, equities analysts expect that Cirrus Logic will post $3.28 EPS for the current fiscal year.
In other news, Director David J. Tupman sold 1,500 shares of the company’s stock in a transaction dated Tuesday, July 26th. The stock was sold at an average price of $40.62, for a total value of $60,930.00. Following the sale, the director now owns 2,500 shares in the company, valued at $101,550. The sale was disclosed in a document filed with the Securities & Exchange Commission, which can be accessed through this link. Also, CEO Jason P. Rhode sold 90,156 shares of the company’s stock in a transaction dated Monday, September 12th. The stock was sold at an average price of $48.57, for a total value of $4,378,876.92. Following the completion of the sale, the chief executive officer now owns 179,680 shares in the company, valued at approximately $8,727,057.60. The disclosure for this sale can be found here. 3.10% of the stock is owned by insiders.
Hedge funds have recently modified their holdings of the company. BlackRock Fund Advisors increased its stake in shares of Cirrus Logic by 0.9% in the second quarter. BlackRock Fund Advisors now owns 3,962,562 shares of the company’s stock worth $153,708,000 after buying an additional 35,325 shares during the last quarter. Dimensional Fund Advisors LP increased its stake in shares of Cirrus Logic by 1.4% in the second quarter. Dimensional Fund Advisors LP now owns 2,443,895 shares of the company’s stock worth $94,797,000 after buying an additional 34,464 shares during the last quarter. State Street Corp increased its stake in shares of Cirrus Logic by 0.9% in the second quarter. State Street Corp now owns 1,415,098 shares of the company’s stock worth $54,889,000 after buying an additional 11,969 shares during the last quarter. Bank of New York Mellon Corp increased its stake in shares of Cirrus Logic by 20.8% in the second quarter. Bank of New York Mellon Corp now owns 1,282,897 shares of the company’s stock worth $49,764,000 after buying an additional 220,708 shares during the last quarter. Finally, Ameriprise Financial Inc. increased its stake in shares of Cirrus Logic by 22.6% in the second quarter. Ameriprise Financial Inc. now owns 1,220,749 shares of the company’s stock worth $47,354,000 after buying an additional 225,212 shares during the last quarter. Hedge funds and other institutional investors own 89.23% of the company’s stock.
About Cirrus Logic
Cirrus Logic, Inc is engaged in providing integrated circuits (ICs) for audio and voice signal processing applications. The Company develops analog and mixed-signal ICs for a range of customers. The Company offers two product lines: Portable Audio, and Non-Portable Audio and Other. The Company’s primary facility housing engineering, sales and marketing, and administration functions is located in Austin, Texas.
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